FORT WAYNE, Ind. (WANE) — Tax season is in full swing, but before you send your return off to the government you will want to make sure you have everything you need.
The Internal Revenue Service opened up tax season on January 27 this year and there are some changes this year that could affect filers. This time around, there is no penalty for not having insurance last year. For anyone who had a separation or divorce finalized in 2019, alimony is not tax deductible for the payer or considered taxable income for the receiver. That change does not apply if your divorce was finalized before last year.
Whether you are doing your taxes by yourself or using a tax service local tax professional Sandra Kates, owner of Fisher Income Tax Service, said you want to make sure you bring have all of your documents with you before you start filling out your tax return.
“They have to have their I.D.’s no matter what so they can prove who they are,” said Kates. “They also need to have all of their W-2’s, 1099’s, interest income statements, anything that is income for them, they have to have with those.”
That does include statements from apps and websites that allow you to invest in the stock market.
Also new this year, you also have to report your digital currency like bitcoin.
Kates says if you forget these documents or enter the information incorrectly you will have to re-file and could see a fine from the IRS. The deadline to submit your tax returns is April 15.
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